Social value in property is centred around the relationship a building or development has with the local community. Discover the questions I’m most frequently asked around the subject below.


Why does social value matter? 

Operational buildings thrive when seamlessly woven into the fabric of the community. A building that invites the community in helps bring the neighbourhood together, supports local businesses, employs local people and bolsters the local economy, addressing the needs of a diverse range of people. In turn, these individuals can become advocates for the asset.


How can we determine the needs of different people and communities? 

Data is key. By conducting primary and secondary research, we can uncover individual and community needs. Using tools, data, and research methods helps us identify demographic segments, enhancing our understanding of affluence levels and socioeconomic requirements. Specialised datasets also assist in analysing factors such as crime, health, income and education, offering insights into different levels of deprivation. Reviewing local authority policies further pinpoints specific needs requiring attention.


Why do we need to engage directly with the local community?

It is essential to gain a comprehensive understanding of how various property types are utilised by their occupants. For example, different groups, such as residents and those living within the catchment area of a regional shopping centre, will have distinct needs and expectations. To identify these requirements, it’s important to get out into local communities and collect the data first hand through interviews, surveys and focus groups.

Primary data can reveal information not yet available through secondary data. For example, the cost-of-living crisis and mental health have been key concerns across many engagement surveys carried out this year in the UK. These concerns aren’t as significant in government datasets, due to data delays and the introduction of new terminology. This highlights the importance of directly engaging with people to understand their immediate needs.


How can asset managers use data to create solutions incorporating social value?

From an asset manager’s perspective, the way in which a building operates and is managed can contribute to its positive impact in a community. For example, an office could support community organisations and charities dedicated to improving mental health outcomes, or a shopping centre could allocate space to a charity, facilitating their fundraising activities or providing a private space for meetings.

Incorporating principles from health and wellbeing frameworks such as Fitwel and WELL can also promote better mental (and physical) health in the built environment and the infrastructure available to people using buildings. A commitment to ensuring that operational teams and supply chain employees receive fair wages can begin to address the cost-of-living crisis. This commitment, coupled with collaboration with organisations and local government, can make services more accessible to the local community.


The importance of a social value action plan

Once concerns and needs are identified, practical suggestions can be put into action to enhance the delivery of social value. This involves creating a social value action plan that focuses on improving the positive impact of the built environment and the management of operational assets. It is crucial to pinpoint recommendations that can be implemented by the management team and by the asset manager to identify local organisations like social enterprises, charities, and community groups for collaboration. Often, the goal is to adjust existing activities of these teams to generate a more positive impact on the local community, fostering a sustainable and easily communicable integrated approach.

Further information

Contact Mariana Goncalves